[Congressional Record Volume 151, Number 84 (Wednesday, June 22, 2005)]
[House]
[Pages H4902-H4903]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       GREAT SOCIAL SECURITY PLAN

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Mr. Speaker, well, I welcome the born again saviors of 
Social Security on the Republican side of the aisle. They have been 
looting the program for years, and now they want to make it right.
  The President this year will borrow $168 billion from Social 
Security, money only extracted from people who work for wages and 
salary, and will transfer part of it to the wealthiest in

[[Page H4903]]

America, many of whom do not even pay Social Security tax. And he is 
replacing that money with these bonds. And now the President questions 
whether the government will honor these bonds with the full faith and 
credit of the Government of the United States.
  So Republicans have a great new idea: Social Security will not hold 
the bonds anymore. They will issue them to individuals. Now, if we are 
not going to honor these bonds for all the people of America, what 
assurance do people have that those individual bonds will be honored, 
and the Republicans want to charge them a management fee and a so-
called claw-back. So anybody that takes one of those individual bonds, 
if it is honored, is guaranteed to get less than they would under the 
existing system. Oh, that is a great plan, guys.

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